The last day of February not very encouraging for the stock market. The benchmark indices opened sharply lower, with both Sensex and Nifty seeing a steep decline. The Sensex slipped below 73,700, down nearly1000 points while the Nifty fell below 22,300, down 1.24%. The downturn is largely attributed to weak global cues, continued Foreign Institutional Investor (FII) selling, and concerns over the impact of global trade policies.
Sectoral bloodbath
All sectoral indices are in the red, with IT, auto, media, and telecom stocks bearing the brunt of the sell-off, each falling between 2 to 3%. The BSE Midcap and Smallcap indices have also plunged 2% each.
ALSO READNifty slides below 22,300; 4 reasons why the stock market is falling Biggest losers on Sensex
Among the 30 pack Sensex stocks, IndusInd Bank emerged as the biggest loser, dropping 4.44%, followed by M&M and HCL Tech, which declined 3.86% and 3.85%, respectively.
Maruti Suzuki also witnessed a sharp fall of 3.48%, while Tech Mahindra traded in deep red. Other notable laggards included Infosys, TCS, Bharti Airtel, Tata Motors, and Titan.
Nifty 50 losers
On the Nifty 50, Tech Mahindra led the decline, plunging 5.01%, followed by IndusInd Bank, which dropped 4.46%. Wipro and HCL Tech also faced significant losses, falling 3.94% and 3.92%, respectively. M&M rounded out the top losers, slipping 3.81%.
ALSO READBitcoin slides more than 5% to lowest since November 11 Broader market snapshot
In the Nifty, out of the 2,702 stocks traded, only 289 advanced, while 2,356 ended in the red, indicating widespread weakness. Meanwhile, 57 stocks remained unchanged.
The downturn was further highlighted by the fact that only five stocks touched their 52-week high, whereas a staggering 617 stocks hit their 52-week low.
» Read More
